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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023.
|  | Fair Value Measurements as of September 30, 2024 Using |
|  | Totals At September 30, 2024 |  |  | 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 |  | $ | 60,759 |  |  | $ | — |  |  | $ | 60,759 |  |  | $ | — |
Commercial |  |  | 12,821 |  |  |  | — |  |  |  | 12,821 |  |  |  | — |
Obligations of U.S. government-sponsored agencies |  |  | 11,274 |  |  |  | — |  |  |  | 11,274 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 1,555 |  |  |  | — |  |  |  | 1,555 |  |  |  | — |
Corporate notes |  |  | 15,517 |  |  |  | — |  |  |  | 15,517 |  |  |  | — |
U.S. Treasury securities |  |  | 42,349 |  |  |  | 42,349 |  |  |  | — |  |  |  | — |
Derivative contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other assets - interest rate floors |  |  | 109 |  |  |  | — |  |  |  | 109 |  |  |  | — |
Other liabilities - interest rate swaps |  |  | 547 |  |  |  |  |  |  | 547 |  |  |  |
Other liabilities - credit risk participation agreement |  |  | 4 |  |  |  |  |  |  | 4 |  |  |  |
|  | 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 |  |  |  | — |  |  |  | — |
Derivative contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities - interest rate swaps |  |  | 119 |  |  |  | — |  |  |  | 119 |  |  |  | — |
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 September 30, 2024 and December 31, 2023:
|  | Fair Value Measurements as of September 30, 2024 Using |
|  | Totals At September 30, 2024 |  |  | 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 |  | $ | 3,908 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,908 |
OREO and other assets held-for-sale |  |  | 538 |  |  |  | — |  |  |  | — |  |  |  | 538 |
|  | 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, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | Following the table 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 September 30, 2024 |  |  | Valuation Technique |  | Unobservable Input |  | Quantitative Range of Unobservable Inputs (Weighted Average)
|  | (Dollars in Thousands) |  |  |  |  |  |  |  |  |
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 3,908 |  |  | 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 |  | $ | 538 |  |  | 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, 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%
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 September 30, 2024 and December 31, 2023 were as follows:
|  | September 30, 2024 |
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in Thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 82,309 |  |  | $ | 82,309 |  |  | $ | 82,309 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale |  |  | 144,275 |  |  |  | 144,275 |  |  |  | 42,349 |  |  |  | 101,926 |  |  |  | — |
Investment securities held-to-maturity |  |  | 769 |  |  |  | 736 |  |  |  | — |  |  |  | 736 |  |  |  | — |
Federal funds sold and securities purchased under reverse repurchase agreements |  |  | 15,524 |  |  |  | 15,524 |  |  |  | — |  |  |  | 15,524 |  |  |  | — |
Federal Home Loan Bank stock |  |  | 781 |  |  |  | 781 |  |  |  | — |  |  |  | — |  |  |  | 781 |
Loans, net of allowance for credit losses |  |  | 793,192 |  |  |  | 751,685 |  |  |  | — |  |  |  | — |  |  |  | 751,685 |
Other assets - interest rate floors |  |  | 109 |  |  |  | 109 |  |  |  | — |  |  |  | 109 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 981,149 |  |  |  | 923,979 |  |  |  | — |  |  |  | 923,979 |  |  |  | — |
Short-term borrowings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term borrowings |  |  | 10,854 |  |  |  | 9,582 |  |  |  | — |  |  |  | 9,582 |  |  |  | — |
Other liabilities - interest rate swaps |  |  | 547 |  |  |  | 547 |  |  |  | — |  |  |  | 547 |  |  |  | — |
Other liabilities - credit risk participation agreement |  |  | 4 |  |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | — |
|  | 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 - interest rate swaps |  |  | 119 |  |  |  | 119 |  |  |  |  |  |  | 119 |  |  |  |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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