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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022.

		Fair Value Measurements as of December 31, 2023 Using
		Totals At December 31, 2023				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	44,728			$	—			$	44,728			$	—
Commercial			9,040				—				9,040				—
Obligations of U.S. government-sponsored agencies			11,280				—				11,280				—
Obligations of states and political subdivisions			1,558				—				1,558				—
Corporate notes			14,957								14,957				—
U.S. Treasury securities			54,002				54,002				—				—
Other liabilities - derivatives			119				—				119				—

		Fair Value Measurements as of December 31, 2022 Using
		Totals At December 31, 2022				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	43,957			$	—			$	43,957			$	—
Commercial			11,693				—				11,693				—
Obligations of U.S. government-sponsored agencies			4,270				—				4,270				—
Obligations of states and political subdivisions			2,072				—				2,072				—
Corporate notes			15,921								14,921				1,000
U.S. Treasury securities			52,882				52,882				—				—
Other assets - derivatives			2,306				—				2,306				—

Fair Value Assets Measured on Nonrecurring Basis

The following table presents the balances of impaired loans, OREO and other assets held-for-sale measured at fair value on a non-recurring basis as of December 31, 2023 and 2022:

		Fair Value Measurements as of December 31, 2023 Using
		Totals At December 31, 2023				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	51			$	—			$	—			$	51
OREO and other assets held-for-sale			602				—				—				602

		Fair Value Measurements as of December 31, 2022 Using
		Totals At December 31, 2022				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	108			$	—			$	—			$	108
OREO and other assets held-for-sale			686				—				—				686

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

Following the tables is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.

		Level 3 Significant Unobservable Input Assumptions
		Fair Value December 31, 2023		Valuation Technique		Unobservable Input		Quantitative Range of Unobservable Inputs (Weighted Average)
		(Dollars in Thousands)
Non-recurring fair value measurements:
Impaired loans		$51		Multiple data points, including discount to appraised value of collateral based on recent market activity		Appraisal comparability adjustment (discount)		9%-10%		9.5%
OREO and other assets held-for-sale		$602		Discount to appraised value of property based on recent market activity for sales of similar properties		Appraisal comparability adjustment (discount)		9%-10%		9.5%

		Level 3 Significant Unobservable Input Assumptions
		Fair Value December 31, 2022		Valuation Technique		Unobservable Input		Quantitative Range of Unobservable Inputs (Weighted Average)
		(Dollars in Thousands)
Non-recurring fair value measurements:
Impaired loans		$108		Multiple data points, including discount to appraised value of collateral based on recent market activity		Appraisal comparability adjustment (discount)		9%-10%		(9.5)%
OREO and other assets held-for-sale		$686		Discount to appraised value of property based on recent market activity for sales of similar properties		Appraisal comparability adjustment (discount)		9%-10%		(9.5)%

Fair Value, by Balance Sheet Grouping

The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of December 31, 2023 and 2022 were as follows:

		December 31, 2023
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	50,279			$	50,279			$	50,279			$	—			$	—
Investment securities available-for-sale			135,565				135,565				54,002				81,563				—
Investment securities held-to-maturity			1,104				1,041				—				1,041				—
Federal funds sold			9,475				9,475				—				9,475				—
Federal Home Loan Bank stock			1,201				1,201				—				—				1,201
Loans, net of allowance for credit losses			811,284				773,800				—				—				773,800
Liabilities:
Deposits			950,191				882,746				—				882,746				—
Short-term borrowings			10,000				10,000				—				10,000				—
Long-term borrowings			10,799				9,814								9,814
Other liabilities - derivatives			119				119				—				119				—

		December 31, 2022
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	30,152			$	30,152			$	30,152			$	—			$	—
Investment securities available-for-sale			130,795				130,795				52,882				76,913				1,000
Investment securities held-to-maturity			1,862				1,769				—				1,769				—
Federal funds sold			1,768				1,768				—				1,768				—
Federal Home Loan Bank stock			1,359				1,359				—				—				1,359
Loans, net of allowance for loan losses			764,451				730,961				—				—				730,961
Other assets - derivatives			2,306				2,306				—				2,306				—
Liabilities:
Deposits			870,025				788,161				—				788,161				—
Short-term borrowings			20,038				20,038				—				220,038				—
Long-term borrowings			10,726				9,702								9,702

X

- 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).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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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).

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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.

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