XML 50 R38.htm IDEA: XBRL DOCUMENT

Disclosures about Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022, by level within the fair value hierarchy (in thousands).

Fair Value Measurements at June 30, 2023

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Equity securities ⁽¹⁾

$

478

$

478

$

—

$

—

Available for sale securities:

U.S. Agency

10,389

—

10,389

—

U.S. Agency mortgage-backed securities

86,836

—

86,836

—

Municipal

18,994

—

18,994

—

Corporate bonds

54,208

—

54,208

—

Interest rate swap asset ⁽¹⁾

6,175

—

6,175

—

Interest rate hedge ⁽¹⁾

331

—

331

—

Interest rate swap liability ⁽²⁾

(6,272)

—

(6,272)

—

Risk participation agreement ⁽²⁾

—

—

—

—


		Fair Value Measurements at December 31, 2022
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Equity securities ⁽¹⁾		$	502		$	502		$	—		$	—
Available for sale securities:
U.S. Agency			10,533			—			10,533			—
U.S. Agency mortgage-backed securities			89,985			—			89,985			—
Municipal			19,038			—			19,038			—
Corporate bonds			59,952			—			59,952			—
Interest rate swap asset ⁽¹⁾			6,992			—			6,992			—
Interest rate swap liability ⁽²⁾			(6,872)			—			(6,872)			—
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

June 30, 2023

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Individually evaluated loans

$

2,623

$

—

$

—

$

2,623


		Fair Value Measurements
December 31, 2022		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Impaired loans		$	1,583		$	—		$	—		$	1,583
Other real estate owned and repossessed assets			39			—			—			39


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
June 30, 2023		Fair Value			Techniques		Input		Range (Wgtd Avg)
Individually evaluated loans		$	2,623		Appraisal of		Appraisal		0% to 100% (0.1%)
					collateral ⁽¹⁾		adjustments ⁽²⁾


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
December 31, 2022		Fair Value			Techniques		Input		Range (Wgtd Avg)
Impaired loans		$	1,583		Appraisal of		Appraisal		0% to 100% (0.2%)
					collateral ⁽¹⁾		adjustments ⁽²⁾
Other real estate owned and repossessed assets			39		Appraisal of		Appraisal		52% (52%)
					collateral ⁽¹⁾		adjustments ⁽²⁾
							Liquidation		10% to 39% (11%)
							expenses

(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

June 30, 2023

Carrying

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(IN THOUSANDS)

FINANCIAL ASSETS:

Investment securities – HTM

$

61,832

$

55,429

$

—

$

52,499

$

2,930

Loans held for sale

560

585

585

—

—

Loans, net of allowance for credit losses and unearned income

975,440

907,289

—

—

907,289

FINANCIAL LIABILITIES:

Deposits with stated maturities

301,734

299,269

—

—

299,269

All other borrowings ⁽¹⁾

42,782

41,004

—

—

41,004


		December 31, 2022
		Carrying
		Value				Fair Value			(Level 1)			(Level 2)			(Level 3)

			(IN THOUSANDS)
FINANCIAL ASSETS:
Investment securities – HTM		$	61,878		$	55,192		$	—		$	52,323		$	2,869
Loans held for sale			59			57			57			—			—
Loans, net of allowance for credit losses and unearned income			980,023			938,188			—			—			938,188
FINANCIAL LIABILITIES:
Deposits with stated maturities			286,004			281,297			—			—			281,297
All other borrowings ⁽¹⁾			46,409			44,759			—			—			44,759

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