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Disclosures about Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Disclosures about Fair Value Measurements and Financial Instruments

Schedule of assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents the assets and liabilities measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of March 31, 2022 and December 31, 2021, by level within the fair value hierarchy (in thousands).

Fair Value Measurements at March 31, 2022

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Equity securities (1)

$

475

$

475

$

—

$

—

Available for sale securities:

U.S. Agency

9,215

—

9,215

—

U.S. Agency mortgage-backed securities

81,385

—

81,385

—

Municipal

21,208

—

21,208

—

Corporate bonds

53,059

—

53,059

—

Interest rate swap asset (1)

2,559

—

2,559

—

Interest rate swap liability (2)

(2,559)

—

(2,559)

—

Risk participation agreement (2)

—

—

—

—


		Fair Value Measurements at December 31, 2021
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Equity securities (1)		$	526		$	526		$	—		$	—
Available for sale securities:
U.S. Agency			7,387			—			7,387			—
U.S. Agency mortgage-backed securities			80,167			—			80,167			—
Municipal			20,892			—			20,892			—
Corporate bonds			54,725			—			54,725			—
Interest rate swap asset (1)			1,226			—			1,226			—
Interest rate swap liability (2)			(1,226)			—			(1,226)			—
Risk participation agreement (2)			—			—			—			—

(1)	Included within other assets on the Consolidated Balance Sheets.

(2)	Included within other liabilities on the Consolidated Balance Sheets.

Schedule of assets measured and recorded at fair value on a non-recurring basis

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):

Fair Value Measurements

March 31, 2022

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Impaired loans

$

—

$

—

$

—

$

—

Fair Value Measurements

December 31, 2021

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Impaired loans

$

—

$

—

$

—

$

—


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
March 31, 2022		Fair Value			Techniques		Input		Range (Wgtd Avg)
Impaired loans		$	—		Appraisal of		Appraisal		100% (100%)
					collateral (1)		adjustments (2)


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
December 31, 2021		Fair Value			Techniques		Input		Range (Wgtd Avg)
Impaired loans		$	—		Appraisal of		Appraisal		100% (100%)
					collateral (1)		adjustments (2)

(1)	Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. Also includes qualitative adjustments by management and estimated liquidation expenses.

(2)	Appraisals may be adjusted by management for qualitative factors such as economic conditions.

Schedule of estimated fair value and recorded carrying value

March 31, 2022

Carrying

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(IN THOUSANDS)

FINANCIAL ASSETS:

Investment securities – HTM

$

58,419

$

57,121

$

—

$

54,161

$

2,960

Loans held for sale

320

325

325

—

—

Loans, net of allowance for loan loss and unearned income

966,450

938,177

—

—

938,177

FINANCIAL LIABILITIES:

Deposits with stated maturities

284,400

286,052

—

—

286,052

All other borrowings ⁽¹⁾

64,476

63,520

—

—

63,520


		December 31, 2021
		Carrying
		Value				Fair Value			(Level 1)			(Level 2)			(Level 3)

			(IN THOUSANDS)
FINANCIAL ASSETS:
Investment securities – HTM		$	53,751		$	55,516		$	—		$	52,523		$	2,993
Loans held for sale			983			1,022			1,022			—			—
Loans, net of allowance for loan loss and unearned income			972,656			969,681			—			—			969,681
FINANCIAL LIABILITIES:
Deposits with stated maturities			292,325			294,280			—			—			294,280
All other borrowings⁽¹⁾			69,256			69,506			—			—			69,506

(1)	All other borrowings include advances from Federal Home Loan Bank and subordinated debt.