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Disclosures about Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands).

Fair Value Measurements at September 30, 2024

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Equity securities ⁽¹⁾

$

346

$

346

$

—

$

—

Available for sale securities:

U.S. Agency

4,857

—

4,857

—

U.S. Agency mortgage-backed securities

93,611

—

93,611

—

Municipal

8,674

—

8,674

—

Corporate bonds

57,449

—

57,449

—

Interest rate swap asset ⁽¹⁾

2,727

—

2,727

—

Interest rate swap liability ⁽²⁾

(2,787)

—

(2,787)

—

Interest rate hedge ⁽²⁾

(679)

—

(679)

—

Risk participation agreement ⁽²⁾

(422)

—

(422)

—


		Fair Value Measurements at December 31, 2023
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Equity securities ⁽¹⁾		$	499		$	499		$	—		$	—
Available for sale securities:
U.S. Agency			5,339			—			5,339			—
U.S. Agency mortgage-backed securities			93,075			—			93,075			—
Municipal			10,360			—			10,360			—
Corporate bonds			56,937			—			56,937			—
Interest rate swap asset ⁽¹⁾			4,582			—			4,582			—
Interest rate swap liability ⁽²⁾			(4,665)			—			(4,665)			—
Interest rate hedge ⁽²⁾			(446)			—			(446)			—
Risk participation agreement ⁽²⁾			(410)			—			(410)			—

(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

September 30, 2024

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Individually evaluated loans

$

1,980

$

—

$

—

$

1,980

Other real estate owned and repossessed assets

1,850

—

—

1,850


		Fair Value Measurements
December 31, 2023		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Other real estate owned and repossessed assets		$	15		$	—		$	—		$	15


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
September 30, 2024		Fair Value			Techniques		Input		Range (Wgtd Avg)
Individually evaluated loans		$	1,980		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		10% (10%)
Other real estate owned and repossessed assets			1,850		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		18% to 76% (26%)
							Liquidation expenses		0% to 33% (4%)


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
December 31, 2023		Fair Value			Techniques		Input		Range (Wgtd Avg)
Other real estate owned and repossessed assets		$	15		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		63% (63%)
							Liquidation expenses		33% (33%)

(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

September 30, 2024

Carrying

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(In Thousands)

FINANCIAL ASSETS:

Investment securities – HTM

$

65,451

$

61,890

$

—

$

60,959

$

931

Loans held for sale

783

803

803

—

—

Loans, net of allowance for credit losses and unearned income

1,025,218

972,404

—

—

972,404

FINANCIAL LIABILITIES:

Deposits with stated maturities

337,468

337,198

—

—

337,198

All other borrowings ⁽¹⁾

81,268

80,878

—

—

80,878


		December 31, 2023
		Carrying
		Value				Fair Value			(Level 1)			(Level 2)			(Level 3)

			(In Thousands)
FINANCIAL ASSETS:
Investment securities – HTM		$	63,979		$	58,621		$	—		$	56,769		$	1,852
Loans held for sale			130			132			132			—			—
Loans, net of allowance for credit losses and unearned income			1,023,218			950,402			—			—			950,402
FINANCIAL LIABILITIES:
Deposits with stated maturities			322,477			321,660			—			—			321,660
All other borrowings ⁽¹⁾			71,247			70,061			—			—			70,061

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